Pennfield Corp.: Buyer Wellsource defaulted on purchase

The company that promised to buy Pennfield Corp. has failed to pay the purchase price, the bankrupt Lancaster County animal feed supplier said Wednesday.

Pennfield said it has issued a default notice to Wellsource Nutrition, saying the latter company also failed to transfer the $2 million in debtor-in-possession financing authorized by the bankruptcy court.

“Pennfield intends to pursue Wellsource, its officers, directors and members for all damages arising from their defaults,” the company said in a statement.

The company is evaluating other options, “particularly with other companies that have already expressed a strong interest in our business,” the statement quoted Pennfield President Arnold Sumner as saying.